Quick Facts
- Anthropic filed confidentially for an IPO on June 1, 2026, at a $965 billion valuation after raising $65 billion in Series H funding
- The company reports $47 billion run-rate revenue with 10x annual growth for three consecutive years
- Market predictions show a 90% chance of IPO completion by December 31, 2026
Anthropic filed a draft registration statement on Form S-1 with the Securities and Exchange Commission on Monday for a proposed initial public offering. The confidential filing kicks off what analysts expect to be the most scrutinized tech IPO in history.
The AI startup raised $65 billion in Series H funding led by Altimeter Capital, Dragoneer, Greenoaks, and Sequoia Capital. The round valued Anthropic at $965 billion post-money, up from $380 billion in February 2026.
Anthropic reports $47 billion in run-rate revenue, growing over 10x annually for three years. The company crossed the $47 billion milestone earlier this month. Over 1,000 customers now spend more than $1 million annually on Claude, Anthropic’s AI assistant, doubling from 500 customers in under two months.
“This represents a major step for Anthropic to get ahead of OpenAI,” said Dan Ives of Wedbush Securities. “Right now, in terms of Anthropic, it’s the best model in the world, and I don’t think there’s a dispute there.”
Harrison Rolfes from PitchBook warned that gross margin data will determine market reception. “Anthropic filing a confidential S-1 today starts the clock on what will be the most scrutinized public offering in tech history,” Rolfes said. “The number that determines everything is gross margin, which no one outside Anthropic has ever seen.”
The filing positions Anthropic ahead of rival OpenAI in the race to public markets. Both companies are seeking tens of billions in new capital. If Anthropic debuts at $1 trillion, it would rank among the largest IPOs ever behind SpaceX and Saudi Aramco.
Anthropic was founded in January 2021 by seven former OpenAI employees, including siblings Daniela and Dario Amodei. The company operates as a public benefit corporation focused on responsible AI development. It uses Amazon Web Services as its primary cloud provider and recently signed agreements for additional computing capacity with Amazon, Google, Broadcom, and SpaceX.
The company projects breaking even by 2028, two years ahead of OpenAI’s 2030 profitability target. “This fundraising reflects the incredible demand we are seeing from these customers,” said Krishna Rao, Anthropic’s CFO.
Read more: Anthropic Files Confidentially For IPO